Lawson buys Texas company

CHICAGO - Lawson Products Inc., a distributor of products and services in the building maintenance, repair and operations industry, announced the acquisition of Partsmaster TM, a similar company with annual sales of around $63 million.

Partsmaster serves 16,000 customers with over 200 sales representatives, principally through a distribution center located in Greenville, Texas. Lawson will pay approximately $35.3 million plus the assumption of certain liabilities. Lawson paid $2.3 million of the purchase price at closing and will pay the remaining $33 million next May, the company said.

"This transaction is an important step in our continued growth strategy. We're very excited about expanding our sales team and customer base," which further positions Lawson as a leader in inventory services for industrial, institutional and government customers, said Michael DeCata, president and CEO of Lawson.